What is permanent life insurance?

Permanent life insurance is an overall term for life insurance policies that do not expire. Often, permanent life insurance allows you to build cash value that grows tax-deferred and can be accessed tax-free. Permanent life insurance also offers a plethora of riders including long term care, critical illness, term riders, and more. Most of the time, these riders will allow for a portion of or the entire coverage amount to have a dual purpose: a death benefit and for the purpose of the rider. For example, a $500,000 life insurance policy with a long term care rider will allow for the $500,000 to be used for long term care if the individual needs it in his/her lifetime and if not, the $500,000 will be passed down as a death benefit to his/her beneficiary.